GBP/JPY Up 19 Pips Over Past 4 Hours; Moves Down For the 2nd Day In A Row

GBP/JPY 4 Hour Price Update

Updated July 24, 2020 01:07 PM GMT (09:07 AM EST)

A moment of silence, please, for the end of GBP/JPY’s 4 four-hour candle down streak; price ended the previous 4 hours up 19 pips (0.14%) to finish the four-hour candle at a rate of 135.44. Out of the 37 instruments in the Forex asset class, GBP/JPY ended up ranking 3rd for the four-hour candle in terms of price change.

GBP/JPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/JPY is down 11 pips (0.08%) since the previous day (opening today near 136.04541552), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, GBP/JPY ranked 37th the previous day in terms of percentage price change. Here is a price chart of GBP/JPY.

GBP/JPY Technical Analysis

The first thing we should note is that GBP/JPY is now close to its 20, 50, 100 and 200 day averages, located at 134.9658, 134.6957, 133.7368 and 137.0431 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 99.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days GBP/JPY’s price has gone up 17 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPJPY, with 16 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 2.29, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Cena je bullish….Na 2H TF mozemo videti kako cena jasno postuje trend liniju, i mozemo pronaci hidden bearish divergence koji ukazuje na nastavak trenda….Takodje, cena postuje SMA koji je ispod cene, sto ukazuje na BUY market.